Tousa's Ch. 11 Liquidation Plan Confirmed By Fla. Judge

Law360, Miami (August 01, 2013, 5:37 PM ET) -- A Florida bankruptcy judge on Thursday confirmed the Chapter 11 liquidation plan for Tousa Inc. despite objections from the U.S. trustee, ending the beleaguered homebuilder's protracted, five-year stay in bankruptcy.

U.S. Bankruptcy Judge John K. Olson confirmed the plan over concerns by the U.S. Trustee's Office regarding third-party releases, the process for fee request applications and the fate of undistributed funds.

“People negotiated this plan painfully,” Judge Olson said. “This is an integrated document.”

Steven Schneiderman, who represents the U.S. Trustee, told the court that he...
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